A key point in the horsepower levels of old is that a lot of the cars weighed a lot less. My first car was a 1985 Toyota Celica, with a 105hp 22R-E. I didn't hate it, but the published curb weight on those has a range starting at 2100 pounds. Their closest equivalent current model is probably the GR86 which starts at 2800 and is basically featherweight by today's standards. The current Nissan Z starts 800 pounds heavier than the heaviest of the Datsun S30 (240/260/280).
And if you say "well we should make them weigh less", then I say, you go first. I don't want to be putting around in 2200lb car surrounded by 6,000 behemoths unless I've got all the power I need to get out of their way. IMO 10lbs/hp max for a car that small...about half what we have in a TJ.
Weight is key. You can make a heavy vehicle go fast and handle well, but I haven't found one that's really fun to drive. My all time favorite daily driver was my wife's '85 VW golf (not a GTI, a totally base model 3 door w/ 85 hp and a 5 spd). It had manual steering and didn't even come with a radio. It also weighed under 2000#. I wasn't fast but felt peppy enough and it seemed you could feel every pebble in the pavement through the the steering wheel when pushing it in a corner. I have never had more fun a legal speeds on public roads.